Kelowna and area property values remain stable according to B.C. Assessments

Shelley Jordan

Image Credit: Google Maps Panoramas

January 04, 2014 - 8:27 AM

KELOWNA - Property values have been pretty stable in the Central Okanagan area, according to the 2014 B.C. Assessment notices being mailed out in in the next few days.

Most homeowners in the Central Okanagan will see modest changes in the +5 to -5 per cent range.

Overall, the Central Okanagan's Assessement Roll decreased to $40,473,253,289 this year from $40,476,166,781 last year, a difference of $2,913,492. The 2014 roll includes $576,999,125 for subdivisions, rezoning and new construction.

Breaking the trends down by jurisdiction, B.C. Assessments noted an increase in Kelowna to $493,000 for 2014 from $488,000 in 2013. Other areas decreased. Numbers for Kelowna strata changed to 228,000 for 2014 from 234,000 in 2013. Peachland went to $433,000 from $448,000, Lake Country to $504,000 from $515,000 and West Kelowna to $475,000 from $476,000.

Owners of industrial and commercial properties in the Central Okanagan can expect to see changes from +10 to -5 per cent.

Once the assessments arrive, property owners who believe the numbers don't refect market value as of July 1, 2013, or who see incorrect information on their notice can contact B.C. Assessment as soon as possible in January. Contact information can be found on the notice.

"If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a notice of complaint by January, 31," Deputy Assessor Tracy Wall says, adding an independent review by a property assessment review panel will be conducted.

Property assessment review panels are independent of B.C. Assessment, appointed annually by the Ministy of Community and meet between February 1 and March 5 to hear formal complaints.

The office for B.C. Assessments' Okanagan Office is in a new location this year at #300-1631 Dickson Avenue. Office hours in January are from 8:30 a.m to 5 p.m., Monday to Friday. Property owners can contact the office toll-free at 1-866-825-8322 or online by clicking "connect" at the B.C. Assessments website.

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